HLEMX vs. LCSMX

Last updated Apr 1, 2026

Compare and contrast key facts about Harding Loevner Emerging Markets Fund (HLEMX) and Martin Currie SMA-Shares Series EM Fund (LCSMX).

HLEMX is managed by Harding Loevner. It was launched on Nov 8, 1998. LCSMX is managed by Legg Mason. It was launched on Jan 9, 2018.

Performance

HLEMX vs. LCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harding Loevner Emerging Markets Fund (HLEMX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). The values are adjusted to include any dividend payments, if applicable.

HLEMX vs. LCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HLEMX Harding Loevner Emerging Markets Fund	0.00%	-34.63%	1.96%	6.77%	-27.69%	-3.43%	13.47%	25.81%	-21.09%
LCSMX Martin Currie SMA-Shares Series EM Fund	9.17%	51.52%	-13.60%	16.26%	-27.25%	4.73%	35.72%	6.81%	1.42%

Returns By Period

HLEMX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LCSMX

• 1D: -1.38%
• 1M: -14.64%
• YTD: 9.17%
• 6M: 25.14%
• 1Y: 60.99%
• 3Y*: 16.35%
• 5Y*: 4.66%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HLEMX vs. LCSMX - Expense Ratio Comparison

HLEMX has a 1.19% expense ratio, which is higher than LCSMX's 0.00% expense ratio.

HLEMX

Harding Loevner Emerging Markets Fund

LCSMX

Martin Currie SMA-Shares Series EM Fund

Return for Risk

HLEMX vs. LCSMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LCSMX

LCSMX Risk / Return Rank: 96
LCSMX Sharpe Ratio Rank: 97
LCSMX Sortino Ratio Rank: 96
LCSMX Omega Ratio Rank: 95
LCSMX Calmar Ratio Rank: 96
LCSMX Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HLEMX vs. LCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harding Loevner Emerging Markets Fund (HLEMX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HLEMX	LCSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.76	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.41	—

Correlation

The correlation between HLEMX and LCSMX is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HLEMX vs. LCSMX - Dividend Comparison

HLEMX has not paid dividends to shareholders, while LCSMX's dividend yield for the trailing twelve months is around 0.91%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLEMX Harding Loevner Emerging Markets Fund	0.00%	0.00%	16.56%	3.13%	8.75%	8.53%	0.32%	1.40%	0.89%	0.73%	0.60%	0.56%
LCSMX Martin Currie SMA-Shares Series EM Fund	0.91%	1.00%	1.29%	1.22%	1.11%	3.03%	0.48%	0.88%	1.40%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	HLEMX	LCSMX	Difference
Max Drawdown Largest peak-to-trough decline	—	-39.72%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-15.39%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.72%	—
Current Drawdown Current decline from peak	—	-15.39%	—
Average Drawdown Average peak-to-trough decline	—	-13.97%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.64%	—

Volatility

Volatility by Period

	HLEMX	LCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	21.99%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.88%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	19.34%	—